Nigeria-Vietnam Chambers of Commerce & Ministry reveals rice import worth of N84 Billion from Vietnam besides $100 million deducted by Vietnam for its import of food items like raw cashew nuts, cassava and oil palm from Nigeria.
President of the chamber, Prince Oye Akinsemoyin in an interview with The Guardian said that Nigeria imports rubber, electric and electronic products, footwear, plastics, handicraft and fine art articles and construction materials including Vietnam’s strength rice.
Also Vietnam imports sea foods from Nigeria, like shrimps, fish. food commodities like raw cashew nuts,cassava, oil palm fruits, cotton and minerals.
Oil Palm is used by Vietnam for its local production of creams and cosmetics and Cassava with which Vietnam produces starch and the raw materials.
Vietnam imports cashew nuts from Nigeria of about $100 million per annum. Indeed Nigeria spends about N365 million yearly to purchase 2.1 million metric tonnes of milled rice from world top rice exporters like Thailand, india and Vietnam.
Prince Oye also said that “ Vietnam also exports cosmetics, fashion accessories, garments fabrics as well as shoes, furniture, artifacts and art work for interior décor to Nigeria”
Many of the Cosmetic companies in Vietnam are looking for its distributor in Nigeria and are interested in investing in Nigeria.
Akinsemoyin disclosed that the Chamber is working to set up institution in the country to make Nigeria- Vietnam relationship stronger. They are encouraging investors from Vietnam to invest in Nigeria and improves its economy.
Viettel, telecom company in Vietnam is interested to invest $7 billion into the Nigerian Telecommunication sector. Arrangement is already going on to avail them the opportunity to bid for the relevant spectrum to be able to operate as one of the telecom operators in the country.
Similarly PetroVina , Vietnam’s Oil Company is willing to invest in the Exploration and Production (E&P) sub-sector of the country’s Oil and Gas sector.
Akinsemoyin said that they are trying to encourage the investors from the Vietnam to invest in their country and hence create the employment opportunity in the country.